NVDA, INTC and AMD Forecast – Chips Quiet in Early Trading

NVIDIA Technical Analysis

The market for NVIDIA is pretty quiet during the trading session on the pre-market hours on Tuesday, and it does look like we’re going to open up a little bit lower, but nothing to be overly concerned about.

I think this is a market that is still very much in the throes of trying to form a base. Ultimately, if we can break above the 50-day EMA, it opens up the possibility of a move to the $195 level, and that is something I expect to see sooner or later.

That being said I also recognize that we could pull back towards the 200-day EMA and really nothing would have changed. Really, I think at this point in time most of this comes down to risk appetite, and risk appetite, of course, is all over the place with the macro and geopolitical issues.

Intel Technical Analysis

Intel looks pretty much the same. It’s going to open up slightly down from yesterday, but I don’t know that it’s anything to be overly concerned about. The 50-day EMA currently sits right in the middle of the candlestick and should offer a bit of support right along with the $43 level.

If we can break above the $47.50 level that opens up a move to the $50 level before it’s all said and done. Keep in mind that Intel has been grinding higher for the last 6 months or so, although it’s been very choppy action. I think we continue to see more of the same at this point.

AMD Technical Analysis

AMD, or Advanced Micro Devices, is in a pretty good place to open up the trading session. It’s down a little bit after having a very strong day on Tuesday when it gained over 5%. All things being equal, I think we go looking to the 50-day EMA at $212.50 or so, maybe with a little bit of a pullback between now and then, and keeping in mind that the 200-day EMA sits just below, offering support.

We have cracked the $200 level again. I think that’s a pretty significant victory, and as long as we don’t get any horrible headlines crossing the wires that wreck the markets in general, AMD might be a winner here.